Tellurian in new senior notes offering

US LNG export project developer Tellurian has announced a new offering of senior notes as it continues to work on its proposed Driftwood development and upstream assets.

Tellurian said in a statement it intends to offer and sell, subject to market and other conditions, 8.25% senior notes due 2028 in an underwritten public offering.

The company also expects to grant the underwriters a 30-day option to purchase additional
senior notes in connection with the offering.

“There can be no assurance as to whether or hen the offering may be completed, or as to the actual size or terms of the offering,” it said.

Tellurian intends to use the net proceeds from the offering for general corporate purposes,
including the potential acquisition of upstream assets.

The developer of the 27.6 mtpa Driftwood project reported this week a lower net loss in the third quarter, while it also started production from two new natural gas wells.

During the quarter, the firm signed a long-term LNG sales deal with Shell and raised about $116 million in a public stock offering.

The Houston-based firm has this year signed three 10-year LNG supply deals for its Driftwood project in Louisiana for a total of 9 million tonnes per year. These include contracts with Gunvor and Vitol.

Tellurian said it has sold all the necessary offtake for the first phase of the Driftwood LNG plant which would include two units with a capacity of about 11 mtpa. Total development costs for this phase would reach about $11.9 billion.

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